India's First Bullet Train to start by 2023; Sanjeev Sinha named adviser

Railway Minister Piyush Goyal on Monday said that Narendra Modi has given directions for a holistic development of the Indian Railways. "Day after tomorrow Railways will be transformed & revolutionized, " stated Goyal, the former minister of Power, Coal and Renewable Energy. "I am glad to state here that this is also a cost-effective project". He also mentioned that bullet train has been a zero accident train in Japan and expressed confidence that the track record will remain the same in India.

"Indian is lagging when it comes to using modern technology and globally discarded technology was used for planning progress of Indian Railways in the past", said Goyal.

"With an interest rate of negligible 0.1 percent over an exceptionally long 50 years term and a no-repayment moratorium for first 15 years, the funding from Japan for the High Speed Rail, called Shinkansen in Japan, is nearly like a grant based on standard financial valuation calculations", Sinha had earlier said.

The project, estimated to cost about Rs 1 lakh crore, is largely funded by low cost financing from Japan.

"This loan is to be repaid to Japan in 50 years".

Apart from this project, various MoUs related to investments and tie-ups would also be signed in the presence of these leaders, the official said, adding that bilateral talks will also be held between the two here.

A powerpoint presentation at Goyal's briefing showed that in 15 countries hat have passenger railway systems these high-speed trains are operational.

"They (Japan) are pioneers of bullet train technology, and their train has the highest punctuality rate", Mishra said.

He also said that the works for the terminal in Sabarmati would start from September 14 itself.

The opposition led by the Congress has attacked the Modi dispensation over the plan to execute the capital-intensive bullet train project when the existing railway network is suffering due to underinvestment.

"About 825 hectares of land would be acquired for the high speed rail", he said.

The bullet train will run at an average speed of 320 km per hour with a maximum speed of 350 km per hour.

If the bullet train will stop at all 12 stations, then it will cover the distance in two hours and fifty-eight minutes.

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